ISLAMABAD: As of September 20, 2024, Pakistan’s total liquid foreign reserves have reached an encouraging $14,873.1 million, reflecting a gradual recovery in the country’s financial standing. The data released by the State Bank of Pakistan (SBP) highlights a notable increase in reserves held by the central bank, which rose by $24 million to $9,533.6 million during the week ending September 20.
The breakdown of the foreign reserves position reveals a strong balance between the SBP and commercial banks. The SBP’s reserves now constitute a significant portion of the total, while net foreign reserves held by commercial banks stand at $5,339.5 million. This distribution indicates a stable liquidity position across the banking sector, which is crucial for maintaining investor confidence and supporting economic growth.
Economic analysts view the increase in SBP reserves as a positive sign amidst ongoing economic challenges. The rise is attributed to various factors, including recent foreign investments and remittances, which have bolstered the country’s foreign exchange reserves.
As Pakistan navigates its economic landscape, the current level of foreign reserves provides a buffer against external shocks and showcases the potential for gradual recovery. Stakeholders remain optimistic about the country’s ability to enhance its financial resilience in the coming months.
